The IGC Grains and Oilseeds Index (GOI) dropped to its lowest since October 2020, down by 7% m/m. Global total grains (wheat and coarse grains) production is forecast to increase by 43m t in 2023/24, to a record 2,310m, as a much larger maize harvest (+71m y/y) more than compensates for declines for some other crops, including wheat (-15m) and barley (-8m).
With uptake at a new all-time high, world closing stocks are expected to tighten again, dropping for a seventh year in a row, to 589m t (-7m).
Trade is placed 9m t lower y/y, at 419m, including smaller wheat, maize and barley shipments.
?Hmmmm?
With uptake at a new all-time high, world closing stocks are expected to tighten again, dropping for a seventh year in a row, to 589m t (-7m).
Trade is placed 9m t lower y/y, at 419m, including smaller wheat, maize and barley shipments.
?Hmmmm?
Comment